- Teng thanked users for their support and spoke about Binance’s dedication to security.
- The CEO reaffirmed Binance’s dedication to its customers, calling their position as fundamental.
During a recent Ask Me Anything (AMA) session on Twitter, Binance’s new CEO, Richard Teng, discussed his vision, answered user questions, and laid out the company’s future plans. At the same time, Teng thanked users for their support and spoke about Binance’s dedication to security, users, and worldwide compliance requirements.
Among the important subjects discussed in the AMA were user security, ambitions for worldwide development, strategic collaborations, and user-oriented activities, as well as the payment of $4.3 billion fine.
At the same time, Teng reaffirmed Binance’s dedication to its customers, calling their position as fundamental to the company’s objective. To reassure users of the platform’s strong financial position and future emphasis, he also mentioned continuing investments in product sustainability and security.
Teng, drawing on his vast international experiences, emphasized the revolutionary potential of cryptocurrencies in emerging and frontier markets. Specifically, he brought attention to the fact that cryptocurrency solves problems associated with financial inclusion by making payments and transfers cheaper than they used to be.
The significance of community enthusiasm in propelling cryptocurrency adoption was highlighted by Teng, who also highlighted Binance’s commitment to internationally promoting financial independence. Specifically, Teng brought attention to the fact that the world’s crypto adoption rate is now 5% and emphasized the possible advantages of tripling or even quadrupling this number.
Fundamentals are Solid
In addition, the host questioned Binance’s new chief executive officer over the company’s plans to pay the $4.3 billion settlement. Additionally, he wanted to know whether Binance could really afford that much.
When asked whether the exchange could manage this, Teng confidently said yes, since the fundamentals of the company are solid. Additionally, he brought out the fact that the exchange has been profitable from day one and is still the largest crypto exchange in the world.
He reassured users that protecting their interests has always been Binance’s top concern, and that the exchange has always done so in similar situations.
The heightened investigation by U.S authorities, particularly within the last two years, was another point Teng highlighted. But he was also in agreement on the exchange’s blunders in the US. The CEO emphasized that the exchange takes its custodial role seriously, that no assets have been misappropriated, and that customers can anytime withdraw 100% of their funds.
In addition, Teng said that the exchange has no debt and has minimal expenses. While having substantial profit and income, and offering the lowest transaction charge of all exchanges internationally, all of this is achieved.
He went so far as to say that such hefty penalties are par for the course in the financial industry, and that other financial institutions have paid much higher sums in the past. At last, he assured that since everything is sorted out, the exchange would emerge stronger.
In addition, he noted that the exchange now has a clear way ahead, therefore there will be more international partnership announcements coming soon, particularly with banks and institutions.
Highlighted Crypto News Today:
